Companies /Energy

Cheniere Energy Partners LP

NYSE MKT: CQP Oil & Gas Midstream
$71.22
▲ $0.90 (+1.28%) today
Markets closed · 6:53am ET

Q1 2025 Earnings

Reported May 8, 2025, 7:32am ET · SEC source
$1.08
Miss −3.77%
EPS · est. $1.12
$3.0B
Beat +9.32%
Revenue · est. $2.7B
−6.9%
Trailing market
CQP vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−4%−2%0May 8May 9report 7:32am ETearnings−0.6%−1.5%
−4%−2%0May 8May 9earnings−0.6%−1.5%
CQP −1.5%S&P 500 −0.6%
−4%−2%0May 8May 9report 7:32am ETearnings−0.6%−1.5%
−4%−2%0May 8May 9earnings−0.6%−1.5%
CQP −1.5%NASDAQ −0.6%
−3%0+3%May 7May 15report 7:32am ETearnings+4.2%+4.2%
−3%0+3%May 7May 15earnings+4.2%+4.2%
CQP +4.2%S&P 500 +4.2%
−3%0+3%+6%May 7May 15report 7:32am ETearnings+6.1%+4.2%
−3%0+3%+6%May 7May 15earnings+6.1%+4.2%
CQP +4.2%NASDAQ +6.1%
−2.96%
Day of report
+0.81%
Next session
+7.37%
One week
−0.14%
30 days

S&P 500 over the same 30 days: +6.73%.

Did CQP Beat Earnings? Q1 2025 Results

Cheniere Energy Partners delivered a mixed first quarter for 2025, posting strong top-line growth while falling just short on the bottom line. Revenue climbed 30.2% year-over-year to $2.99 billion, clearing the $2.73 billion consensus estimate by 9.32%, as higher LNG revenue from both third-party and affiliate customers powered the surge. Earnings per unit came in at $1.08, however, missing the $1.12 analyst consensus by 3.77%, with net income slipping 6% to $641 million, weighed down by roughly $84 million in unfavorable fair-value swings tied to derivative instruments, including those linked to long-term Integrated Production Marketing agreements. Adjusted EBITDA rose 4% to $1.04 billion on stronger per-unit margins, even as LNG export volumes dipped modestly to 112 cargoes. Looking ahead, management reconfirmed full-year 2025 distribution guidance of $3.25 to $3.35 per common unit, anchored by a $3.10 base, while the SPL Expansion Project, targeting up to 20 mtpa of additional capacity, continues to advance through federal regulatory review.

Key Takeaways
  • Higher total margins per MMBtu of LNG delivered drove Adjusted EBITDA increase
  • 30% revenue growth year-over-year driven by higher LNG revenues
  • Unfavorable $84 million derivative fair value variances reduced net income year-over-year

Forward Guidance & Outlook

Cheniere Partners reconfirmed its full year 2025 distribution guidance of $3.25 to $3.35 per common unit, maintaining a base distribution of $3.10 per common unit. The variable component of the distribution takes into consideration amounts reserved for annual debt repayment and capital allocation goals, anticipated capital expenditures to be funded with cash, and cash reserves to provide for the proper conduct of the business. The SPL Expansion Project continues to advance through the regulatory process with potential to add up to approximately 20 mtpa of additional LNG production capacity.

CQP YoY Financials

Q1 2025 vs Q1 2024 · SEC filings Q1 2024 Q1 2025
$0$900.0M$1.8B$2.7B$2.3B$3.0BRevenue$875.0M$826.0MOperating Income$682.0M$641.0MNet Income
$0$900.0M$1.8B$2.7BRevenueOperating IncomeNet Income

CQP Revenue by Segment

LNG revenues$2.3B
LNG revenues—affiliate$671.0M
Regasification revenues$34.0M

Figures from SEC filings and company reports. Not investment advice.